Nifty momentum indicators suggest positive trend today

On Monday, the Nifty closed at 25,383.80, up by 27.25 points or 0.11%. The index faces 
resistance at the 25,450 level.  The Nifty opened on a positive note at 25,406.70 and tested the intraday high of 25,445.70 during the morning trade. However, the index gradually declined, hitting an intraday low of 25,336.20 before closing at 25,383.80. 

Media, metal, realty, and banking led the gains, while FMCG, financial services, and IT  
were the main laggards. Market breadth remained positive with 1,454 stocks advancing, 1,355 declining, and 88 remaining unchanged. The top gainers were NTPC, JSW Steel, Hindalco, and Shriram Finance, while Bajaj Finance, Hindustan Unilever, Bajaj Finserv, and SBI Life were among the top losers. 

Technically, momentum indicators suggest a positive trend, with Nifty trading above its short-term and long-term moving averages. The index formed a black candle on the daily chart, closing just above the previous session’s close, hinting at potential consolidation. The index faces intraday resistance at 25,450 on the higher side, while support is observed at 25,330. Nifty must break above the 25,450 resistance level to maintain its bullish momentum. If it fails to do so, consolidation could extend for a few more sessions. 

Intraday levels:  

Support: 25,330, 25,235, 25,120. 

Resistance: 25,450, 25,525–25,600 (based on 15-minute charts) 

Positional trading:

 Short-term support: 25,350–24,800.

Resistance: 25,850–26,350

Bank Nifty technical outlook 

In Monday's trading session, the Bank Nifty closed at 52,153.10, gaining 215.10 points. Technically, momentum indicators suggest a positive trend, with the index trading above its short-term and long-term moving averages. The formation of a white candle on the daily chart, closing above the previous day's close, reinforces the bullish momentum. 

On the higher side, Bank Nifty faces immediate resistance at the 52,200 level, while support is at 52,000. Bank Nifty's current momentum favours the bulls, with strong support levels and the potential for further upside if the 52,200 resistance is breached.

Traders should monitor the index closely at this key resistance level, as breaking above it could signal sustained upward movement. On the downside, if support at 52,000 is breached, a short-term pullback may occur. 

Intraday levels: Support: 52,000, 51,800, 51,600 Resistance: 52,200, 52,400, 52,600 (based on 15-minute charts) 
Positional trading: Short-term Support: 51,750–50,700 Resistance: 52,775–53,400.